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i think harry reid's comments sum it up. that is, there is no way that the democrats really want to talk about spending, and i know that the republicans have been light on detail as well, but if the issues facing this country are tackling the biggest part of what we spend in the form of entitlements, we are kidding ourselves that anything is going to be done in a timely faction. they are going to want to do the tax part and kick the rest, and i'll tell you what. i think a lot of conservatives will go along with the potential tax increase, but they are not going to take a promise on the rest of it, so i think it's going to get ugly. >> you know, carol, are alan greenspan is going to tell us later in the program that maybe we should go over the cliff, that the minor recession that is expected as a result is a small price to pay for greater fiscal reform in this country. >> you know that i believe that. you're teeing that one up for me. >> i'm giving you a softball here. >> i'm all about accountability and responsibility so i w
i think harry reid's comments sum it up. that is, there is no way that the democrats really want to talk about spending, and i know that the republicans have been light on detail as well, but if the issues facing this country are tackling the biggest part of what we spend in the form of entitlements, we are kidding ourselves that anything is going to be done in a timely faction. they are going to want to do the tax part and kick the rest, and i'll tell you what. i think a lot of conservatives...
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did you hear harry reid? the senate majority leader says i don't think we'll get a deal by christmas. would you think that's a real negative for the market. only lost 25 or 30 points in the dow on that. that surprised me. >> it held up pretty good. >> thanks, everybody. >> final word, david. >> as the debate goes on, when those statements come later in the year and closer to christmas or to new years, it will have a much larger impact on the market. >> i'm sure it will. i agree with you. >>> the other story, tensions mounting in michigan as union workers are protesting a bitterly distributed right-to-work bill. nbc's rob mott now with the details. >> reporter: good day to you from the michigan state capital where we saw a lot of protesters out here protesting two measures that the house passed today that would bar unions from forcing people to join those unions as a condition of employment. sometime tomorrow governor rick schneider is expected to sign them into law make michigan the 24th right-to-work state i
did you hear harry reid? the senate majority leader says i don't think we'll get a deal by christmas. would you think that's a real negative for the market. only lost 25 or 30 points in the dow on that. that surprised me. >> it held up pretty good. >> thanks, everybody. >> final word, david. >> as the debate goes on, when those statements come later in the year and closer to christmas or to new years, it will have a much larger impact on the market. >> i'm sure it...
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some headlines out of harry reid which may not be good news for the market. harry reid saying the democratic party will not put an offer of spending cuts on the table for the gop. reid also adding he does not think we will have a deal on the fiscal cliff before at least christmas if not longer. so think about that. harry reid saying no, no, no. republicans asking us to present cuts. we want them to present cuts. clearly this is political gainsmanship. democrats want gop to be the one to go to the american people to say here is what we're going to cut from your entitlement programs, mandy. reid saying we don't think a deal is going to get done before christmas. that does not bode well. the dow industrials are up. you can see they have ticked down a little bit. harry reid, a very, very powerful member obviously. senate majority leader. this is a guy deeply involved in the negotiations. when he speaks, it means something. we'll keep watching those markets. meantime, huge dirty money crackdown. british banking giant going to have $2 million in penalties, it helpe
some headlines out of harry reid which may not be good news for the market. harry reid saying the democratic party will not put an offer of spending cuts on the table for the gop. reid also adding he does not think we will have a deal on the fiscal cliff before at least christmas if not longer. so think about that. harry reid saying no, no, no. republicans asking us to present cuts. we want them to present cuts. clearly this is political gainsmanship. democrats want gop to be the one to go to...
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i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed that you are for a bipartisan situation and one of the things that tells me that you are for real is that you have not signed a pledge that would make it so that you cannot vote for a tax increase. it should be a big deal on the order of four trillion dollar over ten years. get growth in our economy and the kind of deal that inincludes tax reform and better spending control. >> when you were governor of your state you previded over what i think is the single greatest employment boom. is washington so different that you wish you were back home? >> you have been out to north dakota, but you are right. the fundamentals don't change. certainty we can put those things in place with a big deal. we need to get it done. >> one of the things i was noticing. this is something fellow senator conrad was talkin
i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed that you are for a bipartisan situation and one of the things that tells me that you are for real is that you have not signed a pledge that would make it so that you cannot vote for a tax...
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stocks losing streams after house speaker john boehner and senate majority leader harry reid stoked the notion that a deal is not close. down as many as 94 points on the dow at the low of the session and now down at 82 at 13,163. the nasdaq down 26 points right now, a decline of almost a percent at 2987 and the s&p 5 hundred index, trying, doesn't look like it will, seven straight up days, not today though, down ten points at 1418. >> investors dealing with jewel issues. not only is the fiscal cliff situation looking dicier by the day as we head headlines out of announcement by the federal reserve's announcement tying rate hikes to the unemployment rate. >> our next guests are here with their best ideas going into the new year. today's "closing bell" exchange, gary webbush here with us and steve sax from pro shares advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or congress. >> right, and frankly that's very expected. there's going to be a -- some grandstanding about your political philosophies right up
stocks losing streams after house speaker john boehner and senate majority leader harry reid stoked the notion that a deal is not close. down as many as 94 points on the dow at the low of the session and now down at 82 at 13,163. the nasdaq down 26 points right now, a decline of almost a percent at 2987 and the s&p 5 hundred index, trying, doesn't look like it will, seven straight up days, not today though, down ten points at 1418. >> investors dealing with jewel issues. not only is...
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. >> harry reid is speaking right now. let's go down to capitol hill. >> -- calling on speaker boehner for tax cuts to the middle class. today senator cornyn, the second ranking democrat in the next congress -- i'm sorry, don't i wish -- the second ranking republican in the next congress -- joined the chorus in calling on speaker boehner to do the reasonable thing. here's what he said. i believe we're going to pass it sooner rather than later. we really don't have much leverage there because those rates -- >> i'll take it back from harry reid while we try and figure out this audio issue that we're clearly having from the majority leader and his comments down in the nation's capitol as the democratic leadership gets its turn, if you will, at the microphone for an update on the fiscal cliff. we've already heard from speaker boehner just a short time ago. i think we have that cleared up. let's go back to mr. reid. >> at some point reality should set in. the only question is how much financial stress middle-class families and
. >> harry reid is speaking right now. let's go down to capitol hill. >> -- calling on speaker boehner for tax cuts to the middle class. today senator cornyn, the second ranking democrat in the next congress -- i'm sorry, don't i wish -- the second ranking republican in the next congress -- joined the chorus in calling on speaker boehner to do the reasonable thing. here's what he said. i believe we're going to pass it sooner rather than later. we really don't have much leverage...
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with a simple majority if that's what harry reid wants. then they will be the party of high taxes and they can own it. >> all right. without that kind of republican strategic retreat, the december 31st deadline is not likely to be met. in today's jobs report it was positive and it beat the street and stocks went up. how do we move 150,000 jobs per month up to 300,000 which would be a real recovery? first up breaking news out of the supreme court this afternoon, the nation's highest court agreed to take up the explosive issue of same-sex marriage, agreeing to hear challenges to the federal defense of marriage act and california's proposition 8. nbc's pete williams joins us now from washington with all the latest details. good evening, pete. >> reporter: good evening, larry. the vilma case is the easier one. federal law signed into law by president clinton in 1996. it says if a person is legally married in a state, the federal government can't recognize those marriages. that's where you talked about federal benefits heterosexual couples get
with a simple majority if that's what harry reid wants. then they will be the party of high taxes and they can own it. >> all right. without that kind of republican strategic retreat, the december 31st deadline is not likely to be met. in today's jobs report it was positive and it beat the street and stocks went up. how do we move 150,000 jobs per month up to 300,000 which would be a real recovery? first up breaking news out of the supreme court this afternoon, the nation's highest court...
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he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and still get this thing passed. you know, i never hear the discussion about spending. i'm not saying you. it is about taxes and revenues. they are supposed to have a $1.2 trillion spending cut. they are nowhere near rephrase g i replacing that. does anybody in washington think about spending and help the taxpayer? spending is going to get done and it is going to include spending. the question when those details come out is will the president face the problem on the left of trying to herd cats here. rather than focused on the priority. they are going to have to be part of this deal. so
he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered...
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stocks, though, did come off their highs, after those harry reid comments. that sent everybody into a little bit of a tail spin. i believe we do have some comments on tape here from some of the lawmakers we heard today. >> you give the president every single job harming tax increase that he's requested, you run the government for maybe nine or ten days. >> i think there's a real danger that we're going to end up with some damaging tax increases and nothing to show for it. >> if we took the president's revenue, we took the republic republicans' spending cuts and we put them together, we'd have a package of more than $4 trillion. >> what i hope boehner does not do is give away the debt ceiling with any kind of deal unless it's the real deal. >> when the government spends money and a lot of these other so-called infrastructure investments, it ends up wasting the money, taking it from the private sector. >> i think we need to do the entitlement issue. >> i'm optimistic we're going to be able to avoid the fiscal cliff, we're not going to go over that. we're not g
stocks, though, did come off their highs, after those harry reid comments. that sent everybody into a little bit of a tail spin. i believe we do have some comments on tape here from some of the lawmakers we heard today. >> you give the president every single job harming tax increase that he's requested, you run the government for maybe nine or ten days. >> i think there's a real danger that we're going to end up with some damaging tax increases and nothing to show for it. >>...
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reid the senate democratic leader was on the floor within the past hour or so and he kept the pressure up on republicans. take a listen. >> the plan for the republicans to face reality, there's enough writing on the wall. >> you get the sense here guys that democrats feel like they have the upper hand, there is some dealmaking behind the scenes. what that dealmaking is we don't yet know and when it could yield some resolution we don't know that. >> quickly, we got from geithner yesterday to steve liesman he's prepared to go over the cliff if need be. >> yes. >> do we know if the republican position is weakening at all, are they ready to make any concessions on their end? >> well we get a sense that some republicans that i've been talking to are ready to make a deal, i talked to a couple republicans in the house yesterday who said they are urging speaker boehner to cut a deal here to agree with the president to extend the bush tax cuts for all those under 250,000, at least do that much, so there is some weakening on the republican side. the question is whether there's enough to get a de
reid the senate democratic leader was on the floor within the past hour or so and he kept the pressure up on republicans. take a listen. >> the plan for the republicans to face reality, there's enough writing on the wall. >> you get the sense here guys that democrats feel like they have the upper hand, there is some dealmaking behind the scenes. what that dealmaking is we don't yet know and when it could yield some resolution we don't know that. >> quickly, we got from...
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we will bring you comments from senators harry reid and dick durbin. that is live, and that is coming up. >>> the "cnbc realtime exchange market snapshot" is brought to you by interactive brokers. >>> it is time for another capital markets op-ed. buybacks. >> you guys covered this yesterday at great length. i hoped to look at some of the newspapers today, "the wall street journal" was the only newspaper somewhat critical about this. look, warren buffett will be buying back stocks. he was never going to buy back stock or split the stock. he was never going to put the stock in the s&p 500. if this is not hypocritical to the maximum level -- no, no, no. he has changed. >> oh, a long time ago. >> a long time ago. never believed in buybacks. never would split a stock into the "b" shares and would never go into the s&p 500. you don't want closet indexes owning the name. that's some of the hypocrisy. but given the fact that he took out one of the early investors in this stock before the capital gains tax goes up, i mean, really? come on. if this wasn't buffet
we will bring you comments from senators harry reid and dick durbin. that is live, and that is coming up. >>> the "cnbc realtime exchange market snapshot" is brought to you by interactive brokers. >>> it is time for another capital markets op-ed. buybacks. >> you guys covered this yesterday at great length. i hoped to look at some of the newspapers today, "the wall street journal" was the only newspaper somewhat critical about this. look, warren...
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>>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama care taxes or for that matter the fiscal cliff tax hikes that are coming. let's faulk about this. we have igor volsky and guy benson. guy benson, i am glad they have won't up to this lousy medical device tax but did someone say minnesota where, wait, medtronic and st. jude medical are the biggest companies? they're the ones that make the equipment? and senator klobuchar and senator al franken are all of a sudden making a beef because it's in their state? where they been, guy benson, and when did they discover that taxes are job kimmers? >> i thought that wasn't the case at all. you're right. they didn't just
>>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama...
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. >> and harry reid named a number today. 38.5%. >> they talk about the clinton tax rates and say how good the economy was under the clinton years, but it's not entirely clear that raising taxes is going to create a great economy this time around. >> thank you so much. we go from party line to the front lines on the impact of the fiscal cliff's mess. fedex ceo fred smith was among the ceos who met with the president yesterday. he's been outspoken on the issue of corporate taxes as well as jobs, making headlines saying it's a myth that raising tax rates will kill jobs. let's talk with fred smith right now in a cnbc exclusive about that and more. frank, good to have you on the program. welcome back. >> thank you very much, maria. always good to be here. >> good to see you again. let's start with the fiscal cliff issue. when it comes to higher taxes, you seem to disagree with house speaker boehner when he says raising taxes on the highest earners will hurt jobs. can you elaborate on that? >> i think what the speaker is saying quite correctly is you don't want to increase taxes on the job
. >> and harry reid named a number today. 38.5%. >> they talk about the clinton tax rates and say how good the economy was under the clinton years, but it's not entirely clear that raising taxes is going to create a great economy this time around. >> thank you so much. we go from party line to the front lines on the impact of the fiscal cliff's mess. fedex ceo fred smith was among the ceos who met with the president yesterday. he's been outspoken on the issue of corporate...
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today we're told he had a phone call on air force one from harry reid. presumably to go over what it is their hashing out behind the scenes. a public and private scene going on here. >> they don't have to be face to face to keep the negotiations going. thank you. and as we get closer to the cliff's edge, a number of republicans in congress say they would be willing to accept tax increases on the wealthiest americans if they are accompanied by large enough spending cuts. >> one of those is tom cole who is a republican from oklahoma who joins us now live from capitol hill. fantastic to have you here on the show, congressman. >> good to be with you. >> what kind of spending cuts do you need to see, congressman, for you to be able to vote for those tax hikes on the top 2%? >> for the record i don't promote raising taxes on anybody. but if congress doesn't act they go up automatically. i'd like to take an area where we agree with the area, that we're not going to raise taxes on 98% of the american people. and just get that out of the way. let's not have those
today we're told he had a phone call on air force one from harry reid. presumably to go over what it is their hashing out behind the scenes. a public and private scene going on here. >> they don't have to be face to face to keep the negotiations going. thank you. and as we get closer to the cliff's edge, a number of republicans in congress say they would be willing to accept tax increases on the wealthiest americans if they are accompanied by large enough spending cuts. >> one of...
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i think what happened, the senate majority leader harry reid came out with a couple of comments. he said any program, any deal that's out there must include a stimulus component -- really? a stimulus component? he said rates have to increase to 39.6% as part of any deal. the dow drifted lower on that because people were arguing you should have a 37% as a compromise on the tax rates. >> mr. geithner yesterday when speaking exclusively to steve leisman seemed to really avoid that 39% number. that encouraged a lot of people thinking that perhaps that is a flexible number. >> let's hope it is. but the senate majority leader says -- specifically said 39.6. i think that's specifically the reason we took a little bit of a dive a while ago. either side are positive or negative. but i want to note, tech stocks are doing a little bit better overall. the s&p tech index has been doing a little bit better recently, particularly hardware names. you look at some of the big names in the computer space here. take a look at lexmark, dell, seagate, western digital. storage names are up. you were me
i think what happened, the senate majority leader harry reid came out with a couple of comments. he said any program, any deal that's out there must include a stimulus component -- really? a stimulus component? he said rates have to increase to 39.6% as part of any deal. the dow drifted lower on that because people were arguing you should have a 37% as a compromise on the tax rates. >> mr. geithner yesterday when speaking exclusively to steve leisman seemed to really avoid that 39%...
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harry reid came out and said that he thinks the republican proposals so far haven't been good enough. >> they've got to come with some specific revenue. they've refused to do that. it's all these generalities. they'll close loopholes. it's a simple question, as president clinton said, of arithmetic. arithmetic. you can't get from here to there unless you raise the rates. >> so guys, that's where we are as of this morning, and now what everyone's waiting for is which side will make a concrete proposal here that actually includes some concessions? back to you. >> joining us from washington, d.c., jake sherman, congressional reporter for politico. who is going to make some honest concessions first? >> what eamon said is absolutely right. this comes down to one thing, whether republicans are willing to raise marginal income tax rates on americans. they're saying they're willing to raise revenue, but president obama has one criteria in this debate and that's raising income rates on all americans. right now, the sides are in their two corners on this and nobody is moving. so we're really on
harry reid came out and said that he thinks the republican proposals so far haven't been good enough. >> they've got to come with some specific revenue. they've refused to do that. it's all these generalities. they'll close loopholes. it's a simple question, as president clinton said, of arithmetic. arithmetic. you can't get from here to there unless you raise the rates. >> so guys, that's where we are as of this morning, and now what everyone's waiting for is which side will make a...
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harry reid isn't even at the table and they're having these discussions. but he has a veto for anything that happens. a secret veto. but he's not in the room. the senate got elected, got itself re-elected by not having any votes over the last couple of years. i think if we had c-span, and cnbc cameras in the negotiations, then people could see what the republicans are doing, and the democrats are doing. let's remember what the president's budget is. i bet many of your viewers are unaware, because the establishment press hasn't covered what he's done. he saves a trillion dollars by not occupying iraq and afghanistan for the next ten years. okay. i could save a lot of money by not continuing the war of 1812. but a trillion dollars of the spending cuts are completely phony, because they're from something we already stopped doing. there's another trillion dollars that was agreed to and is in law from the budget control act. he wants to sell you that horse again. he wants to add another savings like that is this trillion. >> although the republicans -- jeb hens
harry reid isn't even at the table and they're having these discussions. but he has a veto for anything that happens. a secret veto. but he's not in the room. the senate got elected, got itself re-elected by not having any votes over the last couple of years. i think if we had c-span, and cnbc cameras in the negotiations, then people could see what the republicans are doing, and the democrats are doing. let's remember what the president's budget is. i bet many of your viewers are unaware,...